Diffusion Pharmaceuticals LLC, a Charlottesville, Virginia-based biotechnology company developing innovative cancer treatments, closed a $5m financing.
The round, which is an addition to the $5m financing announced in September, 2012 (read here), consists of convertible notes issued primarily to existing investors.
The company intends to use the funds to support the ongoing Phase 2 clinical trial for its lead drug, trans sodium crocetinate (TSC), which is evaluating the effect on patient safety and survival when it is added to the standard-of-care for GBM (i.e., radiation and chemotherapy).
Led by David G. Kalergis, Chief Executive Officer, Diffusion Pharmaceuticals is a clinical-stage company developing drugs which target the medical needs characterized by oxygen deprivation (hypoxia) at the cellular level. These proprietary small molecules work by a novel mechanism of action that helps regulate the diffusion of oxygen selectively to hypoxic tissue.
Potential clinical applications include oncology, cardiovascular diseases, stroke and respiratory disorders.
The company’s lead program is the use of TSC in the treatment of solid cancerous tumors.
Diffusion Pharmaceuticals LLC
David G. Kalergis, MBA/JD, CEO